Melbourne-based ElectraLith has closed $27.5 million in its Series A capital raise from a world-class investor syndicate comprising IP Group, Hostplus, Rio Tinto, Chevron Technology Ventures, Fathom Fund, Breakthrough Victoria, Vista Energy, Marathon Petroleum, In-Q-Tel and Monash University.
The materially oversubscribed funding round was led by Australian deep tech investment fund Main Sequence.
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ElectraLith CEO Charlie McGill said, “The Series A funds will enable DLE-R’s rapid development into what we believe will be the the cleanest, most versatile and most cost-efficient method to extract and refine lithium. The quality, breadth and scope of the Series A investor syndicate provides the strongest signal yet of DLE-R’s full potential.
“This includes four blue-chip strategic investors, three globally recognized venture capital firms, one of Australia’s largest superannuation funds, Breakthrough Victoria, and In-Q-Tel (IQT), the not-for-profit strategic investor for the US national security community and America’s allies.”
The Series A funds will support the development and installation of ElectraLith’s first field-deployed pilot plant, which will be capable of producing battery-grade lithium hydroxide on site without requiring the use of water or chemicals.
ElectraLith’s Series A follows its announcement in August 2024 that it had produced battery grade lithium hydroxide from salar brines, geothermal oilfield brines and spodumene leach using no water or chemicals and minimal energy.
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Main Sequence investment manager Jun Qu said ElectraLith was paving the way to a sustainable future by revolutionising lithium extraction and refining.
“We’re impressed by ElectraLith’s groundbreaking technology, which eliminates the need for water and chemicals and can operate entirely on renewable energy. Traditional lithium extraction is creating an unsustainable burden for our planet,” he said.
